Smart Finance

What Smart Finance does

Smart Finance is an Icelandic financial services firm founded in 2019 and headquartered at Suðurlandsbraut 6, Reykjavík, that provides outsourced accounting, payroll, tax filing, financial reporting, and CFO services to small and medium-sized enterprises (SMEs) and mid-market companies in Iceland. The company operates a five-module service stack — bookkeeping and payroll, financial settlement and annual reporting, management information dashboards, outsourced CFO, and a secure self-serve client portal — built on Microsoft Business Central cloud accounting, Power BI for interactive dashboards, and Office 365 for collaboration, with paperless workflows and electronic-ID authenticated client access.

Each client engages through an initial consultation with a service manager, receives a customised quote, and is assigned a dedicated account manager who handles ongoing financial processing. Revenue is generated primarily through monthly recurring subscription fees for accounting and payroll services, supplemented by professional-services fees for outsourced CFO and financial advisory engagements. Pricing is quote-based and not publicly disclosed. The firm is owned by three co-owners (Hrönn Sveinsdóttir, Hildur Pála Gunnarsdóttir, and Katrín Dögg Ásbjörnsdóttir) with Metadata ehf as a financial partner/partial owner, and operates with a team of roughly 14 people serving a named-client roster that includes Lucinity, Metadata, Hreyfing, ORFgenetics, Islandsturnar, and Geko across fintech, technology, fitness, agriculture/biotech, and shipping/maritime verticals.

Name

Smart Finance

Legal name

Smart finance

Website

https://smartfinance.is

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Smart Finance is an Icelandic financial services firm that provides outsourced accounting, payroll, tax filing, financial reporting, and CFO services to SMEs and mid-market companies in Iceland, using Microsoft Business Central and Power BI on a subscription basis.

Ownership category

akta.pro rank

Product category

Outsourced Accounting Services

SIC

Finance Services (6199)

akta.pro primary industry

Outsourced Finance & CFO Services (BPAHABAE)

akta.pro secondary industry

Comprehensive Financial Planning (FSAEAAAA)

Keywords

• Outsourced accounting services
• Payroll processing
• Outsourced CFO services
• Cloud bookkeeping
• Financial reporting

Headquarters

HQ city

Reykjavík

HQ country

Iceland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales

Revenue model

1. Accounting and Payroll Services: Comprehensive accounting services including monthly revenue and cost accounting, reconciliation and settlement, VAT processing and reporting to tax authorities, payroll processing with salary slips delivery, withholding tax and pension contributions filing.
2. Financial Reporting and Statements: Preparation of annual accounts, semi-annual accounts, and interim statements. Interactive dashboards and management reports for informed decision-making.
3. Outsourced CFO/Financial Advisory: Rental CFO service managing finances in collaboration with owners and managers. Financial process analysis and advisory services.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Smart Finance provides outsourced bookkeeping, payroll processing, annual financial statement preparation, and management information reporting for small and medium-sized businesses in Iceland. The firm also offers outsourced CFO services, acting as a long-term financial partner that helps business owners understand their financial position, monitor key indicators, and prepare for strategic decisions through real-time cloud-based dashboards.

Product overview

Smart Finance offers a unified financial services platform consisting of five integrated service modules: bookkeeping and payroll processing (using Microsoft Business Central), financial settlement and annual report preparation, management reporting with interactive dashboards (Power BI), outsourced CFO/financial controller services, and a client portal for secure data exchange. All services are delivered through Microsoft cloud infrastructure with paperless processes.

Differentiator

Problem solved

Functional benefit

Products and services

• Bookkeeping and Payroll (Bókhalds- og launavinnsla) Day-to-day bookkeeping and payroll processing for Icelandic SMEs, delivered through a paperless cloud workflow that automates entries, bank reconciliations, and payroll runs.
• Financial Settlement and Annual Accounts (Uppgjör og ársreikningsgerð) Preparation of period-end financial settlements and formal annual accounts for Icelandic businesses to meet statutory reporting requirements.
• Management Information (Stjórnendaupplýsingar) Preparation of management reports and key indicator dashboards that give business owners real-time visibility into their financial position and performance.
• Outsourced CFO (Fjármálastjóri til leigu) Outsourced chief financial officer service providing SME clients with strategic financial advisory, decision support, and forward-looking financial guidance without the cost of a full-time CFO.
• Client Portal (Viðskiptagátt) Secure online portal that lets Smart Finance clients submit receipts and invoices, communicate with their accountant, and access their financial information in one place.

Quantifiable outcome

• Minimized operating costs for accounting system through cloud-based Microsoft solutions
• +1 more outcomes

Named customers6 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators1 record

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• RSM: Global mid-market-focused accounting and advisory network with bookkeeping, outsourcing, and CFO services — relevant broad incumbent comparable to Smart Finance on mid-market service positioning.
• KPMG Iceland: Iceland office of Big Four network providing accounting, tax, payroll, and advisory services to local mid-market and enterprise clients — competes for the same Icelandic outsourcing wallet Smart Finance targets.
• PwC Iceland: Icelandic arm of PwC offering audit, tax, accounting, and CFO/advisory services — a full-line incumbent whose mid-market and outsourced finance offerings compete head-on with Smart Finance's.
• BDO: Global accounting and advisory network with an Icelandic presence offering bookkeeping, payroll, audit, tax, and CFO advisory. A broad incumbent whose SMB/mid-market offerings directly overlap Smart Finance's service set.

Emerging players

• Xero: Cloud accounting platform used by SMB bookkeepers and accountants globally, including partners offering outsourced bookkeeping similar to Smart Finance's Microsoft Business Central-based service — partial overlap on the technology and SMB bookkeeping dimension.

Direct peers

• Kruze Consulting: Provides outsourced accounting, payroll, CFO advisory, and tax services to venture-backed startups — a direct functional match to Smart Finance's bundled outsourced finance offering for SMBs/mid-market.
• 1-800Accountant: US-based outsourced accounting, bookkeeping, payroll, and tax advisory for small and mid-sized businesses, with dedicated account managers — highly comparable to Smart Finance's relationship-driven outsourcing model.
• Bench (now part of Embark): Outsourced bookkeeping and financial reporting platform for small businesses, offering monthly bookkeeping, reporting, and tax-ready financials — closely aligned with Smart Finance's subscription bookkeeping and reporting model.
• Pilot.com: US-based outsourced bookkeeping, accounting, and CFO services firm serving SMB and venture-backed startups — directly comparable in service mix (bookkeeping + CFO + reporting) and target segment to Smart Finance's Icelandic SMB/mid-market positioning.

Others

• SureBooks: Icelandic bookkeeping and accounting services firm serving local SMBs — adjacent rather than directly comparable, but part of the same Icelandic outsourced-finance competitive set as Smart Finance.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/smartfinance.island
• LinkedInlinkedin.com/company/smart-finance-is

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smart Finance